Business News
BP Q2 profits sharply down as oil price falls
Jul 28, 2009, 7:04 GMT
London - Oil giant British Petroleum (BP) Tuesday reported a sharp drop in second-quarter profits due to lower oil prices, the company said in London.
BP said its replacement-cost profit between April and June was 3.1 billion dollars, down by 53 per cent from 6.75 billion dollars during the same period last year.
The results took BP's half-year profits to 5.5 billion dollars, down 57 per cent from the first six months of 2008.
Chief executive Tony Hayward said the firm expected the global economic recovery to be 'long and drawn out.'
'We are in turbulent times, volatile and uncertain. But we continue to steer a steady course through choppy waters,' he said.
Oil prices have hovered at between 60 and 70 dollars a barrel recently - well below the high of 147 dollars a year ago.
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